PM Internship Scheme Goes Live: All You Need to Know

The Prime Minister’s Internship Scheme, announced in the 2024-25 budget, is a major initiative aimed at providing one crore youth with internships in India's top 500 companies over five years. It offers a unique opportunity for youth to gain hands-on experience in real-world business environments across various industries, enhancing their employability.

Here's All You Need to Know:

Who Can Apply: Youth aged 21-24 who are not employed full-time or engaged in full-time education.
Eligibility: Candidates with high school diplomas, vocational certificates, polytechnic diplomas, and graduates from BA, B.Sc, B.Com, and similar fields can apply. However, graduates from premier institutions like IITs and IIMs, or those with advanced degrees such as MBAs, are ineligible.
Exclusions: Candidates with family incomes exceeding ₹8 lakh or those whose family members hold permanent government jobs are excluded. 
Internship Duration: Each internship lasts 12 months, with a minimum of 6 months spent in a workplace environment.

What are the Financial Benefits?
 
Stipend: Interns will receive ₹5,000 per month, with ₹4,500 funded by the government and ₹500 by the participating company.
One-Time Grant: Upon joining, interns receive a one-time grant of ₹6,000 for incidentals.
Insurance: Interns are covered under government insurance schemes like PM Jeevan Jyoti Bima Yojana, with optional additional coverage from the companies.

Implementation:
The scheme will be managed via an online portal (www.pminternship.mca.gov.in.), developed by the Ministry of Corporate Affairs (MCA). The portal will serve as a centralized platform for managing internship opportunities, including application submission, selection, and tracking.

Company Participation:
The top 500 companies, chosen based on their average CSR expenditure, will serve as primary partners. Companies can also offer internships via their supply chains or affiliate entities.

Application Process:
Candidates can register on the portal, starting from mid-October 2024, and apply for up to five internships. Each company’s listing will specify the location, qualifications, and internship details.

Grievance Redressal:
A dedicated grievance redressal system and a multilingual tele helpline (1800-116-090) have been established to assist candidates and resolve any issues during the application process.

This program promises to be a transformative opportunity for young Indians to build a solid foundation for their careers through exposure to top-tier companies and industries.